Things are looking up in Turkey. The Fitch Agency, which issues international credit ratings, has upgraded both Turkey's credit rating and the credit rating of 18 of its banks in long-term local and foreign currency.
Fitch stated that the outlook for Turkey's banks is stable. The agency reportedly affirmed that Finansbank's grade in long-term local and foreign money was "B" and its outlook was changed from 'stable' to 'positive'. As soon as it receives Fiansbank's 2003 financial reports, the agency will officially announce Finasbank's grade.
Other banks listed in the latest Fitch report include:
Akbank: Its long-term grade in foreign money is increased from "B" to "B+" and the outlook is stable. Its long-term grade in local money is increased from "B+" to "BB-" and the outlook is stable.
